Australia's real estate services businesses generated $7,500 million (m) in income in 2002-03, according to figures released today by the Australian Bureau of Statistics. This was equivalent to 0.6% of Gross Domestic Product.

The major source of income for real estate agents was property sales commissions ($5,000m), while property management commissions generated income of $1,100m. Private treaty was the most common type of sale of property in Australia, with over three-quarters (78%) of all income from property sales commissions by real estate agents generated this way. Sales commission income generated through auction comprised 19% of the total. Auction sales were highest in Victoria (31% of total sales) with Western Australia being the lowest (3%).

At the end of June 2003:

Real estate agent businesses tended to be small employers with just under three-quarters (73%) of all businesses employing less than 9 people;

Tasmania (60%), New South Wales (54%) and South Australia (51%) had the highest concentration of franchised real estate businesses to total real estate agency businesses within their respective states. Western Australia had the lowest with 33%;

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